International Samuel Exploration Corp. has arranged a non-brokered private placement of up to five million flow-through units at a price of six cents per unit to raise gross proceeds of up to $300,000. Each flow-through unit comprises one flow-through common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at a price of 10 cents per share for a 12-month exercise period, subject to abridgement of the exercise period (after the expiry of the four-month hold period) with 30 days of notice to holders in the event that the closing price of the company’s shares for 10 consecutive trading days exceeds 20 cents.
In conjunction with this financing, the company may pay a finder’s fee to eligible persons in compliance with applicable securities laws and exchange policies. This financing is subject to TSX Venture Exchange approval.
The proceeds received from this private placement will be used for work programs on the company’s 27,300 hectares of properties located in the centre of the Golden Triangle (British Columbia).
The company announces that it has granted incentive stock options to directors, officers, employees and consultants to purchase up to an aggregate of 1,165,000 common shares of the company at an exercise price of seven cents per share for a term of five years from the date of the grant. The incentive stock options were granted in accordance with the company’s stock option plan.
We seek Safe Harbor.